Coinbase unaffected by Binance hack, keeps over 99% of assets in cold storage
Coinbase announced that its platform experienced no impact from Binance's recent multi-billion-dollar hot wallet breach, reassuring users that more than 99% of customer assets remain stored offline in cold wallets.
Coinbase confirmed Wednesday that it was unaffected by the recent hot wallet incident at rival exchange Binance, which media reports described as a hack ranging between $6.3 billion and $6.4 billion. In a blog post detailing its asset protection protocols, Coinbase emphasized that the security incident had no operational impact on its platform.[1][2][3][6]
The exchange highlighted that over 99% of customer assets are stored offline in cold storage, rebalancing in and out of hot wallets only as customer deposit and withdrawal demands require. Coinbase also reiterated that customer assets are backed 1:1, remain user property, and are never lent or used without explicit customer instructions.[2][3][6]
To prevent unauthorized transfers, Coinbase outlined multiple defensive safeguards, including distributed private keys, withdrawal limits, anomaly detection, and kill switches designed to immediately halt transaction signing. The company added that advances in artificial intelligence capabilities are rapidly reshaping the security landscape, prompting ongoing investments in security innovation.[2][3][6]
Key facts
- Coinbase reported zero impact from Binance's recent hot wallet incident.
- News outlets reported the Binance breach as a hack amounting to $6.3 billion to $6.4 billion.
- Coinbase stated that more than 99% of customer assets are held offline in cold storage.
- Coinbase said customer funds are held 1:1, remain customer property, and are not lent out without authorization.
- Security controls used by Coinbase include distributed private keys, withdrawal limits, anomaly detection, and kill switches that can halt signing.
Sources · 6 sources
- TB
The BlockArticle ·
Coinbase says 99% of customer assets sit in cold storage after Binance’s $6.3 billion breach Coinbase says 99% of customer assets are in cold storage and it wasn't affected by the $6.3 billion Binance hack.
Open source - DE
DecryptArticle ·
Coinbase Says 99% of Customer Crypto Is Offline and Out of Hackers’ Reach Coinbase told customers it wasn’t affected by the $6.4 billion Binance hack and detailed its security controls, including offline storage for over 99% of assets, split private keys and kill switches.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Coinbase said it keeps more than 99% of customer assets in cold storage and uses distributed private keys, withdrawal limits, and anomaly detection to protect funds from unauthorized transfers. In a blog post published Wednesday following Binance's recent $6.3 billion hack, the exchange said it was not affected by the breach and that customer assets are held 1:1, remain customer property, and are not lent or used without customer authorization.
Open source - CB
Crypto BriefingArticle ·
Coinbase says 99% of customer assets are in cold storage following Binance’s $6.3B hack Coinbase's robust cold storage strategy highlights the critical need for enhanced security measures in the crypto industry to prevent massive breaches. The post Coinbase says 99% of customer assets are in cold storage following Binance’s $6.3B hack appeared first on Crypto Briefing .
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🔥 JUST IN: Coinbase reports no impact from Binance’s hot wallet incident, adding that over 99% of customer assets are held in cold storage. https://t.co/SF8qo720BU
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🔐 NEW: Coinbase says more than 99% of customer assets are held in cold storage and confirms its systems were unaffected by Binance's $6.3B hack. The exchange says customer funds are backed 1:1, with distributed keys, withdrawal limits, anomaly detection and emergency controls designed to prevent unauthorized transfers.
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